TronscannerBitcoin BEP20 Token
Download IronWallet app and get tool for making transaction without network fee
Download our cryptowallet
What Is a Bitcoin BEP20 Token?
IronWallet is a free, non-custodial BEP20 wallet for iOS and Android. Store, send, receive, swap and buy BNB, USDT and thousands of other BEP-20 tokens in one app. Your private keys stay on your phone, and you never need to share an email, phone number or ID.
A BEP20 wallet is a crypto wallet that can hold and transfer tokens built on BNB Smart Chain using the BEP-20 token standard. It manages your BNB Chain address, signs transactions with your private key and pays network fees in BNB.
BEP-20 is the token standard of BNB Smart Chain. It defines how a token is created, transferred and displayed, much like ERC-20 does on Ethereum. Popular BEP-20 tokens include USDT (BEP20), USDC, CAKE and wrapped versions of BTC and ETH.
Technically, a wallet does not "store" tokens. Your balance lives on the blockchain. The wallet stores the private key that proves the balance is yours. That is why the most important question about any BEP20 wallet is who holds that key.
Bitcoin BEP20 (BTCB) is an alternative version of Bitcoin that is issued on Binance Chain using the BEP20 token standard. Much like the ERC20 standard allows assets like Tether to be issued on Ethereum, BEP20 enables BTCB tokens to exist on Binance Chain. This provides the market with greater access and more use cases for Bitcoin.
What is BEP20 and Binance Chain?
BEP20 stands for Binance Chain Evolution Proposal 2, which defines a token standard for assets on Binance Chain. Binance Chain is a blockchain developed by Binance exchange that allows very fast transaction processing and the ability to issue new digital assets quickly.
Binance Chain uses a delegated proof-of-stake consensus model, where a limited number of elected validators process transactions and add new blocks. This provides throughput of around one second block times.
The BEP20 standard gives developers and projects a common interface to issue new tokens on Binance Chain. This aids rapid development and interoperability between different applications.
Speed - Transactions in BTCB confirm in around 1 second, compared to 10 minutes or longer for Bitcoin. This enables uses in trading, exchanges, and merchants accepting crypto payments.
Low fees - Sending BTCB costs a fraction of a cent, compared to fluctuating and higher fees to send native Bitcoin. This makes micropayments and frequent transactions viable.
New applications - BTCB can integrate with smart contracts, decentralized apps and services built on Binance Chain. This expands the usability of Bitcoin.
Liquidity - Binance is a top global exchange, so BTCB benefits from high liquidity for trading and exchanging into other cryptocurrencies.
How Bitcoin BEP20 Works
Each BTCB token issued represents one Bitcoin held in reserves by Binance. The pegging mechanism helps ensure the price of BTCB closely matches the price of Bitcoin.
When new BTCB is issued, an equivalent amount of Bitcoin is debited from the reserve wallet into a public audit wallet. This transparently demonstrates the 1:1 backing. The reserve wallet holdings are cryptographically signed to prove assets exist.
To redeem BTCB back for Bitcoin, the process is reversed. The BTCB is destroyed and an equal amount of BTC is released from the audit wallet. This mechanism ensures trust in the convertibility of the tokens.
The result is that BTCB can be transferred between users on Binance Chain, while still maintaining the value of Bitcoin. This brings Bitcoin's liquidity to Binance Chain applications.
Using BTCB on Binance Chain
Bitcoin BEP20 (BTCB) brings Bitcoin's liquidity and value to the fast and low-fee Binance Chain ecosystem. With BTCB, you can transfer and use Bitcoin swiftly on Binance Chain and compatible apps.
To start using BTCB, first convert your Bitcoin to BTCB either by depositing BTC on Binance exchange, or purchasing BTCB directly from Binance DEX. Then withdraw the BTCB to a compatible wallet like Trust Wallet.
Once you have BTCB in your wallet, you can quickly send it to others with transactions that confirm in around 1 second and cost just a fraction of a cent. Your BTCB can also be traded freely on Binance DEX for other cryptocurrencies or stablecoins.
Merchants and businesses accepting crypto payments through CoinPayments are starting to adopt BTCB as a payment option. This lets you pay in BTCB value while the merchant receives settlement in Bitcoin.
As more decentralized apps and services launch on Binance Chain, BTCB will be critical for bringing Bitcoin liquidity to these new DeFi and NFT applications.
With fast transfers, minimal fees, and expanding utility, BTCB unlocks the power of Bitcoin on Binance Chain for a seamless user experience.
Storing and Using Bitcoin BEP20
Wallets that are BEP20 compatible will be needed to store, receive and send BTCB tokens. Trust Wallet is one popular option that works seamlessly with BTCB. Atomic Wallet is another choice for desktop and mobile. IronWallet, an innovative mobile cold wallet, will be a reliable and convenient option for storing BTCB.
On exchanges like Binance DEX, users can also trade BTCB directly from a connected wallet without needing to deposit funds on the exchange. This provides security and convenience.
Merchants accepting crypto payments through CoinPayments and other processors can also enable BTCB as a payment option. This allows consumers to pay in BTCB while merchants receive settlement in Bitcoin.
As adoption and issuance of BTCB increases, Binance DEX is positioning itself as the go-to platform for BTCB trading pairs. The decentralized, rapid and liquid trading of BTCB expands the Bitcoin ecosystem.
Bitcoin BEP20 provides an intriguing new option for gaining the usability and speed of Binance Chain without sacrificing the value and liquidity of Bitcoin. As demand for lightning fast and inexpensive transactions grows, cross-chain assets like BTCB are likely to see increased adoption. With Binance's dominant trading volumes and the innovation of Binance Chain and DEX, BTCB has the potential to unlock new real world use cases for Bitcoin.
